USDJPY got to its lowest level During FX market
1/25/2018 1:18:41 PM
During Forex market the USDJPY pair expanded its bearish slip for the sequential session and broke below the 109.05 handle to hit fresh several month lows.
The spot has hit a new low, but the CCI has departed. A close above the downward trend line would approve a bullish CCI divergence and open doors for a corrective rally to sliding 4-hours 30-EMA, currently seen at 109.87.
A breach at 108.77 would expose support at 108.30, but oversold conditions permit caution. 4-hours 30-EMA hurdle could be put to test subsequent validation of bullish CCI divergence on 4-hours chart. Alliance probable following a daily close above the 5-day EMA.
FOREX market analysis by FxErvin